On 26 June 2024, the Hong Kong legislative council passed the bill to introduce a new patent-box regime in Hong Kong under which qualifying income will be taxed at 5%.The portion of eligible intellectual property (IP) income that will be taxed at the 5% concessionary rate will be determined in a manner that would be consistent with the "nexus approach" in BEPS Action 5 and will also take into account certain expenditures incurred by previous owners of the intangible asset, if conditions are met.Taxpayers may want to review their IP structures and assess eligibility for the new Hong Kong regime. Executive...